


# 














A 

BEFORE THE UNITED STATES ANTHRACITE 
COAL COMMISSION 


EMPLOYES EXHIBIT NUMBER- 


PROFITS OF ANTHRACITE 
OPERATORS 


39 


Presented by 

W. JETT LAUCK 


On behalf of 


John L. Lewis, President 
Philip Murray, Vice-President 
F. P. Hanaway, International Representative 
Percy Tetlow, Statistician 


John Dempsey 
Thomas Kennedy 
Chris. J. Golden 


( Committee Representing 
Districts 1, 7 and 9 


Of the 

United Mine Workers of America 

WASHINGTON 

1920 


14 





BEFORE THE UNITED STATES ANTHRACITE 
COAL COMMISSION 


EMPLOYES EXHIBIT NUMBER 


PROFITS OF ANTHRACITE 
OPERATORS 


Presented by 

W. JETT LAUCK 


On behalf of 


United Mine Workers of America 


WASHINGTON 

1920 



14 A 







1 


PROFITS OF ANTHRACITE OPERATORS 

In the anthracite industry the principal mining companies 
have to a certain extent concealed the bulk of their profits by 
transferring their product at an arbitrary price to separately 
incorporated selling departments. Although these subsidiary 
corporations show by far the larger gross margins of profit on 
sales of anthracite, it is significant that the net income of seven 
representative mining companies during the period 1916-1918 
ranged from 20.4 per cent, to 36.6 per cent, on their capital stock 
outstanding. As contrasted with the period 1912-1914 this was 
an increase in net income over the pre-war period from a mini¬ 
mum of 14.2 per cent, to a maximum of 18.9 per cent. In the 
case of net income per ton of output there was an advance 
from 22.1 cents in 1912-1914 to 37.5 cents in 1916-1918, an 
average annual increase of 69.7 per cent. Expressed in terms of 
dollars, the total net income of these companies during the 
period under consideration advanced from an aggregate of 
$29,354,989 for the period 1912-1914 to $55,528,849 for the period 
1916-1918, an increase of $26,173,860, or 89.2 per cent. In other 
words, their average annual profits during the war were nearly 
double their yearly profits for the pre-war period. 

The seven companies under consideration, it should be noted, 
include three which market their product through separately 
incorporated selling agencies. The immense profits shown for 
these companies, therefore, represent only a fraction of their 
actual earnings, the bulk of the profit being taken by the selling 
companies. Two of these latter companies, for example, since 
their organization have paid annual dividends at an average rate 
of from 20 to 30 per cent, on their capital stock outstanding. 

In connection with the above data, it is of interest to note that 
the available figures for 1919 indicate even larger earnings for 
this period than the profits reported in 1918. In the case of two 
representative anthracite operators there was an increase in net 
profits in 1919 over 1918 of $777,046, or 17.6 per cent. It would 
appear, therefore, that the financial ability of the operators to 
pay increased wages to their employees is even greater at the 
present time than was indicated by their returns for 1918. 

An outstanding feature of the anthracite industry is the pre- 


2 


dominating influence of the anthracite railroad companies and 
their affiliated mining companies both in the ownership of coal 
deposits and in the actual tonnage produced each year. Exclud¬ 
ing coal used as fuel at the mines, the so-called railroad com¬ 
panies in 1916 produced in the aggregate 52,945,573 gross tons, 
or 75.8 per cent, of the total commercial production for the year' 
In addition to the amount thus produced, the railroad coal com¬ 
panies purchased from independents 2,691,123 tons. Thus the 
quantity the railroad coal companies controlled for market not 
counting coal in storage, was 55,636,696 tons, or 79.6 per cent 
of the total commercial production for the year. 1 

In the case of the numerous so-called independent producers 
or those not controlled by the anthracite railroads, the total com- 
mercial production in 1916 was 16,935,190 gross tons, making 
24.2 per cent, of the whole. However, as just noted, 2,691 123 
tons of this was purchased by the railroad coal companies, leaving 
only 14,244,076 tons, or 20.4 per cent., that was marketed through 
independent channels. 1 

Of the anthracite mining companies, there are seven, whose 
income statements are published in the standard financial manu¬ 
als of Poor and Moody, including six of the so-called railroad 
companies and one independent producer. In the table attached 
the annual profits of these companies have been analyzed for the 
period 1912-1918. During the seven years included in this tabu¬ 
lation, these seven producing concerns had a combined aggre¬ 
gate output of approximately 325,000,000 gross tons of coal, or 
about 56 per cent, of the total tonnage of anthracite produced 
by all companies during that time. It is significant to note that 
production during the war period was only 11.6 per cent, greater 
than during the three normal pre-war years of 1912 and 1914 
while the combined income of these companies for the war period 
increased 89.2 per cent, over the pre-war years. 

Of the seven anthracite companies studied, three of the most 
important in volume of output, the Lehigh Valley Coal Com¬ 
pany, the Delaware, Lackawanna and Western Company and the 
Delaware and Hudson Company are coal producing concerns 
exclusively and market their entire output through separately 
incorporated selling agencies, the profits of which are seldom 
made public. This method of maintaining separate producing 
and selling departments makes it possible to conceal the actual 
profits realized. For the producing company, as pointed out 


1 Federal Trade Commssion’s report on “Coal/’ No. 2, Anthracite. 



3 


al)ov e , sells coal to the sales department at an arbitrary price the 
bulk of the profit being- taken by the sales department 

Thus these figures do not get into the hands of any curious 
consumer who may wish to know why he pays $14.50 for a ton 
o coal that it costs only $4.50 to produce. By this method also 
e operators are enabled to make two profits on each ton of coal, 
one for the producing company and one for the selling company, 
the capital stock of which represents absolutely no investment, 
usually being a stock dividend by the parent company. 

War Profits of a Corporation Marketing Its Own Product 


The income account of the Philadelphia and Reading Company 
may be taken as indicative of the actual increase in profit during 
the war years, as this is one of the most important companies 
publishing accounts for the entire period, which markets its own 
coal. It is interesting to observe that this company, which had 
no such selling device for concealing profits as that described 
above, was able to make a much smaller amount on each ton than 
did the other companies prior to the war, but that the war fur¬ 
nished it an opportunity to jump its profits into their class. The 
following table shows the earnings of the company for the years 
1912-1918: 


Year 

1912.. . 

1913.. . 

1914.. . 

1915.. . 

1916.. . 

1917.. . 

1918.. . 


Net 

Per Cent, on 

Net Income 

Income 

Capital Stock 

Per Ton 

$171,576 

2.1 

$0,017 

1,139,592 

14.2 

0.106 

715,390 

8.9 

0.082 

60,572 

0.8 

0.007 

2,463,790 

30.8 

0.246 

5,436,633 

68.0 

0.472 

4,150,162 

51.9 

0.359 


The total tonnage produced by this company was only approxi¬ 
mately 11 per cent, greater for the war period than it was for 
the pre-war period, while the profit realized increased nearly 500 
per cent. This finds its expression in an increase in the profit 
per ton of 435 per cent. 

Another company reporting which markets its own product 
is the Temple Coal Company, and while the income of this cor¬ 
poration for 1918 was unobtainable, it is apparent that it realized 
a tremendous increase in profits during the war, its income in 
1917 being nearly twice as great as the average income for the 
pre-war years. 









4 


How Excessive Profits Are Concealed 

The income figures discussed are the net profits available for 
paying dividends upon capital stock, after the deduction of every 
conceivable charge for depreciation, depletion, sinking funds, and 
Federal income and excess profits and local taxes, as well as 
interest on indebtedness and other items. 

The amounts deducted from gross income under the heading 
of “depletion” are almost always excessive, and are the favorite 
form of “smoke screen” used by these corporations to conceal 
their profits. These charges are usually based upon the value 
of the coal property, and when the accumulated “depletion 
reserve” approaches the total value of the coal land, a re-valua¬ 
tion at a greatly advanced figure takes place. The Board of 
Directors of the Lehigh Coal and Navigation Company reported 
to its stockholders in 1912 that a depletion charge of 5 cents a 
ton would pay for all of its coal land, the unworked as well as the 
exploited, in twenty years. 1 The Federal Trade Commission in 
its report on anthracite coal production costs, 1919, shows the 
average charge for depletion made by eight railroad companies 
and eleven independent operators to be 17.4 cents per ton. A 
profit of over 12 cents a ton is thus tucked away in depletion 
reserve and made the basis of a further issue of stocks or other 
securities in later years. 

A fair idea of what profits the sales departments or companies 
of the anthracite railroad companies might show, if available, is 
contained in the financial statement of the Lehigh Valley Coal 
Sales Company, which since 1911 has been the selling agent for 
all coal produced by the Lehigh Valley Coal Company, which, in 
turn, is owned by the Lehigh Valley Railroad Company. The 
history of the organization of the selling company is also of 
interest, and the statement as contained in “Moody’s Analyses” 
for 1919 is quoted, to wit: 

LEHIGH VALLEY COAL SALES CO. 

Incorporated under New Jersey laws, Jan. 22, 1912. Has a con¬ 
tract to purchase from the Lehigh Valley Coal Company all coal 
mined, purchased or otherwise acquired by the Lehigh Valley Coal 
Co. and affiliated companies. 

Capital Stock: Authorized, $10,000,000; outstanding, $9,778,435; 
par, $50. The original stock outstanding was $6,060,800, which 
was sold to the stockholders of the Lehigh Valley R. R. Co. at par 
m 1912, latter using the 10% extra dividend declared at that time. 

In Nov/ 1913, an extra dividend of 25% was declared payable Jan. 

17, 1914, with option of using same in subscribing, at par, to a new 
stock issue of 25% of full shares outstanding Nov. 17, 1913. Divi- 


1 62d Congress, 3d Session. House Doc. 1442, page 37. 



5 


dend payments have been made as follows: 1912, 2%% in Oct.; 
1913, 10% (quarterly Jan.) ; 1914, 2Mi% in Jan., and 25% extra in 
stock; April, 1914, to April, 1917, 2%% quarterly; in July, 1917, 
quarterly rate increased to 4% and paid 30% extra with option of 
using latter in subscribing at par to a new stock issue of 30% of 
full shares outstanding June 1, 1917; Oct. 1917, to Jan. 1919, 4% 
quarterly. On May 16, 1918, a special dividend of approximately 
10% was paid in U. S. Liberty Loan 4% Bonds. 

(From Moody’s Analyses of Investments , 1919, p. 1818.) 

An interesting sidelight upon earnings of the coal sales depart¬ 
ment of the Delaware, Lackawanna and Western Railroad Com¬ 
pany is contained in the following excerpt from a brief filed by 
the Attorney-General of the United States in the Supreme Court, 
October term, 1914, in a proceeding entitled “United States, 
Appellant, versus The Delaware, Lackawanna and Western Rail¬ 
road Company and the Delaware, Lackawanna and Western Coal 
Company: 

“The Coal Company (The Delaware, Lackawanna and Western 
Coal Company) commenced business on August 2, 1909, with a 
capital stock of $6,590,700. By December 31, 1912, in addition 
to having paid dividends aggregating $2,141,961.25, it had accumu¬ 
lated a surplus of $4,498,382.75.” 

The brief further points out that the coal company was 
organized by the officers and directors of the railroad company, 
the vice-president of the railroad company being president of the 
coal company, and the stock of the coal company being almost 
entirely owned by the majority stockholders in the railroad com¬ 
pany. The stock was subscribed in June, 1909, upon the payment 
of a 50 per cent, dividend to stockholders in the railroad com¬ 
pany, and the coal company stock was entirely paid for by this 
dividend. 

Further information as to the immense profits made by the 
coal company is contained in Moody’s Analyses of Investments, 
of 1919, which states with regard to this company that: 

“Dividends have been paid as follows: 1910 to date, 10% per 
annum in quarterly (Jan.) payments; in April, 1913, 20% extra 
was paid; in May, 1914, 10 % extra; in July, 1915, 50% extra; in 
July, 1916, 10% extra and in June, 1917, a special dividend of $25 
per share (50%) was paid. In Dec., 1917, paid special dividend of 
$20 per share payable $7.50 in British Government bonds and $12.50 
in Liberty 4s. In July, 1918, paid special dividends of $15 per 
share payable in Liberty Loan 3d 4 1 / 4s at par.” 

It appears, therefore, that the dividend disbursements made 
by this company from its organization in 1909 to December 31, 
1918, amounted to a total of 300 per cent, on its capital stock 
outstanding, including 230 per cent, in cash dividends, 55 per 
cent, in Liberty Bonds, and 15 per cent, in British Government 
Bonds. 


6 


It is worthy of note, also, that the coal company’s surplus on 
June 30, 1915, the latest period for which data are available, 
was $5,973,595, or more than 90 per cent, of its entire capital 
stock outstanding. 

The above figures are indicative of the enormous profits which 
have been exacted from the public by the railroad coal com¬ 
panies through their separately incorporated sales organizations. 


Over-Capitalization and Future Profits 

For a complete understanding of the extent of profiteering in 
the anthracite industry one other fact in the financial side of the 
companies should be mentioned. The Philadelphia and Reading 
Coal and Iron Company with $8,000,000 capital stock produced 
nearly three times as much coal each year as did the Lehigh Coal 
and Navigation Company with three times as much capital 
stock—$29,173,950 being the capitalization of the latter company. 

This clearly indicates that the Lehigh Company is either 
grossly over-capitalized or that it is holding an immense area of 
anthracite coal land out of use for future exploitation. In either 
case the actual reported rate of return upon investment is no 
indication of the actual amount which the public is paying for 
the real capital actually being employed. In the first case profits 
are being realized upon a heavily watered capitalization. In the 
other case the public is being charged for the use of property 
which is being reserved for the making of future profits. 


Pre-War Earnings Contrasted with War Profits 


The following table shows the profits of four of the leading 
anthracite companies from several different angles: 


Company Average Annual Net 

Per Cent.Earned 

Earnings Per 

Income 

on Capital Stock 

Ton 

1912-14 

Lehigh Coal and 

Navig’t’n Co.$2,381,447 
Lehigh and 

1916-18 

1912-14 

1916-18 

1912-14 

1916-18 

$2,985,279 

8.9 

10.9 

$0,584 

$0,639 

Wilkes-Barre 






Coal Co. ... 3,236,507 
Lehigh Val. Co. 630,122 
Philadelphia and 

3,732,216 

2,401,575 

35.1 

32.1 

40.5 

122.2 

0.604 

0.073 

0.692 

0.260 

Reading Co.. 675,519 

4,016,862 

8.4 

43.6 

0.068 

0.364 

Total... .$6,923,595 

$13,135,932 

15.1 

27.4 

0.332 

0.489 




7 


The income of these four companies for the war years was 
approximately twice that earned by them during the pre-war 
years, both in dollars and in per cent, of capital stock. The most 
profitable year was 1917, with a combined net income for the 
four companies, after the deduction of all taxes, of $16,662,387, 
more than twice the pre-war income, or an average percentage 
on capital stock of 34.2. In the case of at least two of the com¬ 
panies the pre-war earnings were exorbitant, and, as already 
pointed out, the Lehigh Coal and Navigation Company earnings 
should probably be interpreted as being two or three times the 
given rate, because of the probable over-capitalization of the 
company. This is borne out by the fact that its earnings per 
ton were high before the war. 

The income tax return of six smaller companies, published at 
the request of the United States Senate, show the same general 
tendencies. The net income of these six concerns in 1916 was 
$572,476, equal to a return of over 57 per cent, of their capital 
stock. In 1917 the net earnings, after the deduction of income 
and excess profits taxes, were nearly twice as large, $1,081,550, 
equal to a return of 94.5 per cent, on the capital stock. It is 
interesting to note that, although requested to furnish data for 
all companies earning over 15 per cent, in 1917, the Treasury 
Department did not include in the statement any of the great 
companies mentioned above as earning over that rate. 

Profits of Anthracite Companies in 1919 

In the case of the post-war profits of anthracite operators, the 
available data indicates even larger earnings since the armistice 
than the extraordinary profits earned by these companies during 
the war. As but few of the operators have made public the 
results of their operations for 1919, it is impossible to show the 
net profits for this period for any large number of anthracite 
companies. It is possible, however, to draw some conclusions 
as to the trend of profits in 1919 from the annual reports of two 
representative companies, the Lehigh Coal and Navigation Com¬ 
pany and the Delaware and Hudson Company. By reference to 
the table below it will be seen the net profits of the former com¬ 
pany were $69,794, or 2.5 per cent, greater in 1919 than in 1918. 
In the case of the Delaware and Hudson Company the net profits 
of the coal department show an increase in 1919 over 1918 of 
$707,256, or 43.9 per cent. For the two companies combined 
the net profits in 1919 were $777,046 greater than in 1918, an 
increase of 17.6 per cent. 


8 


PROFITS OF ANTHRACITE COAL COMPANIES IN 1918 AND 1919 


Increase 1919 

Company Over 1918 

T . 1918 1919 Amount Per Cent 

Lehigh Coal & Navigation Co.. .$2,805,089 $2,874,883 $69,794 2.5 

1 Delaware & Hudson Co. 1,610,572 2,317,824 707,252 43.9 

Total.$4,415,661 $5,192,707 $777,046 17.6 


1 Coal mining department. 








9 


TABLES 










\ 








10 


11 


*- 


PROFITS OF ANTHRACITE 

As Shown by their Published 


COAL COMPANIES, 1912-1918 

Financial Statements. 


Name of Company 

1912 

NET INCOME BY THE 

1913 1914 

YEARS 

1915 

1916 

1917 

1918 

Total Net Income for Period 
1912-1914 1916-1918 

Per Cent 
Increase 
War Period 
Over Pro- 
War Period 

Railroad Companies 

Lehigh Coal & Navigation Co. 1 .. 

Lehigh & Wilkes-Barre Coal Co. 1 . . 

The Lehigh Valley Coal Co. 1 

The Delaware & Hudson Co. 2 . 
Delaware, Lackawanna & Western 2 . 
Phila. Reading Coal & Iron Co. 1 .. 

.... $2,288,256 
.... 2,485,971 
.... 1,151,317 
.... 586,037 

.... 2,111,897 
.... 171,576 

$2,372,511 
4,423,051 
227,603 
1,296,692 
1,270,020 
1,139,592 

$2,483,579 

2,800,500 

511,446 

963,989 

2,355,562 

715,390 

$2,298,340 

2,730,929 

882,329 

1,243,971 

1,536,916 

60,572 

$2,786,348 

2,695,469 

886,872 

738,393 

2,899,309 

2,465,790 

$3,362,400 

5,431,899 

2,431,465 

2,925,000 

4,321,268 

5,436,633 

$2,805,089 

3,069,281 

3,886,189 

1,610,572 

3,626,710 

4,150,162 

$7,144,346 

9,709,522 

1,890,366 

2,846,718 

5,737,479 

2,026,558 

$8,955,837 

11,196,649 

7,204,526 

5,273,965 

10,847,287 

12,050,585 

25.4 

15.3 
281.1 

85.3 

89.1 

494.6 

Total Railroad Companies.. .. 
Temple Coal Co. 1 . 


$10,729,469 

$9,830,466 

$8,753,057 

$12,472,181 

953,959 

$23,908,665 

1,691,324 

$19,148,003 

(5) 

$29,354,989 

$55,528,849 

89.2 


902,996 

1,151,515 

967,667 





Total all companies combined.$9,528,222 $11,632,465 $10,981,981 $9,720,724<*413,426,140 $25,599,989 $19,148,003 $29,3o4,989 $55,528,849 


89.2 


CAPITAL STOCK 


Percentage of Net Income to Capital Stock 


Name of Company 

1912 

1913 1914 

1915 

1916 

1917 

1918 

1912 

1913 

1914 

1915 

1916 

1917 

1918 

Railroad Companies 

Lehigh Coal & Navigation Co. 

Lehigh & Wilkes-Barre Coal Co. 

The Lehigh Valley Coal Co. 

Phila. & Reading Coal <fc Iron Co.. . 
Temple Coal Co. 

.$26,557,950 

. 9,212,500 

. 1,965,000 

. 8,000,000 

$26,587,650 $26,587,650 

9,210,000 9,210,000 

1,965,000 1,965,000 

8,000,000 8,000,000 

2,200,000 2,200,000 

$26,587,650 

9,210,000 

1,965,000a 

8,000,000 

2,200,000 

$26,587,650 

9,210,000 

1,965,000 

8,000,000 

2,200,000 

$28,736,500 

9,210,000 

1,965,000 

8,000,000 

2,200,000 

$29,173,950 

9,210,000 

1,965,000 

8,000,000 

(b) 

8.6 

27.0 

58.6 

2.1 

33.3 

8.9 

48.0 

11.6 

14.2 

41.0 

9.3 

30.4 

26.0 

8.9 

52.3 

8.6 

29.7 

44.9 

0.8 

44.0 

10.5 

29.3 
45.1 
30.8 

43.4 

11.7 

59.0 

123.7 

68.0 

76.9 

9.6 

33.3 

197.8 

51.9 

Total. 


$47,962,650 $47,962,650 

$47,962,650 

$47,962,650 

$50,111,500 

$48,348,950 

14.2 

18.9 

16.0 

14.5 

20.4 

36.6 

28.8 

In computing per cent of total 

income to capital 

stock, figures rendered comparable by 

eliminating income of companies not showing capital stock. 







1 Net Income available for dividends. 

2 Net Revenue. 

(а) Stock was increased to retire bonds. Increase not considered. 

(б) Figures for 1918 not available. 
















































12 


13 


* 


I 


PROFITS OF ANTHRACITE COAL COMPANIES, 1912-1918—Continued 

As Shown by their Published Financial Statements. 


Per ('em 


PRODUCTION (TONS) 


Name of Company 

1912 

1913 

1914 

1915 

Railroad Companies 

Lehigh Coal Navigation Co. 

Lehigh & Wilkes-Barre Coal Co. (a) ... . 

The Lehigh Valley Coal Co. 

The Delaware & Hudson Co... 
Delaware, Lackawanna & Western (a) .. 
Phila. & Reading Coal & Iron Co. (a) . . 

. . 3,673,945 

. . 5,180,450 

.. 9,233,230 

.. 10,194,690 

4,324,562 

5,678,373 

9,210,137 

7,170,553 

9,244,763 

10,748,603 

4,240,777 

5,207,047 

8,130,121 

7,400,695 

9,427,906 

8,747,643 

4,094,662 

4,738,745 

8,347,106 

8,100,767 

9,113,144 

8,083,487 

Total Railroad Companies. 

Temple Coal Co. 

.. 43,225,279 

46,376,991 

1,841,966 

43,154,188 

1,981,694 

42,477,911 

1,914,135 

Total all Companies Combined. . . . 

. . 44,955,526 

48,218,957 

45,135,882 

44,390,046 

* 



NET INCOME PER TON 

Name of Company 

1912 

1913 

1914 

1915 

Railroad Companies 

Lehigh Coal & Navigation Co. 

Lehigh & Wilkes-Barre Coal Co. . 

The Lehigh Valley Coal Co. 

The Delaware & Hudson Co. 

Dela., Lackawanna & West. R. R. Co.. . 
Phila. & Reading Coal & Iron Co.. . 

(Cents) 

62.3 

48.0 

13.5 

9.1 

22.9 

1.7 

(Cents) 

54.9 

77.9 

2.5 

18.1 

13.7 

10.6 

(Cents) 

58.6 

53.8 

6.3 

13.0 

25.0 

8.2 

(Cents) 

56.1 

57.6 

10.6 

15.4 

16.9 

0.7 

Total Railroad Companies. . . 
Temple Coal Co. 

20.3 

42.2 

23.1 

49.0 

22.8 

58.1 

20.6 

50.6 

Total all Companies Combined. . 

21.2 

24.1 

24.3 

21.9 lt~ 


(a) Tons sold. 
(fc)Not available. 


Increase 
War Period 

Total Production for Period Over Pre- 

1917 1918 1912-1914 1916-1918 War Period 


3,822,166 

4,903,623 

8,364,191 

7,186,390 

9,868,297 

10,006,688 

5,042,427 

6,896,034 

9,603,864 

8,643,824 

11,558,476 

11,517,904 

5,144,175 

4,388,221 

9,690,793 

9,059,228 

10,850,474 

11,572,061 

12,239,284 

16,065,878 

25,844,659 

21,009,803 

27,905,898 

29,690,936 

14,008,768 

16,187,878 

27,658,848 

24,889,432 

32,277,247 

33,096,653 

14.5 
.8 

7.0 

18.5 

15.7 

11.5 

44,151,345 

53,262,529 

50,704,952 

132,756,458 

148,118,826 

11.6 

1,460,966 

1,425,155 

(b) 




45,612,311 

54,687,684 

50,704,952 

132,756,458 

148,118,826 

11.6 

1916 

1917 

1918 

Total Net Income Per Ton 
for Period 

1912-1914 1916-1918 

Per Cent 

Increase 
War Period 
Over Pre- 
War Period 

(Cents) 

73.0 

(Cents) 

66.7 

(Cents) 

54.5 

(Cents) 

58.4 

(Cents) 

63.9 

9.4 

55.0 

78.8 

69.9 

60.4 

69.2 

14.6 

10.6 

25.3 

40.1 

7.3 

26.0 

256.2 

10.3 

33.8 

17.8 

13.6 

21.2 

55.9 

29.4 

37.4 

33.4 

20.6 

33.6 

63.1 

24.6 

47.2 

33.9 

6.8 

36.4 

435.3 

28.3 

44 9 

37.8 

22.1 

37.5 

69.7 

65.3 

118.7 





29.4 

46.8 

37.8 

22.1 

37.5 

69.7 


















































































































































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